14-Feb-2017 7:19 AM

Zimbabwe Transport Minister reports Air Zimbabwe debt as at 31-Dec-2016

Zimbabwe's Minister of Transport and Infrastructural Development Joram Gumbo said (09-Feb-2017) Air Zimbabwe is, "currently operating at a loss but there is potential to turn around its fortunes". Mr Gumbo stated Air Zimbabwe's debt stands at USD323 million as at 31-Dec-2016. Mr Gumbo added, "Of encouragement is the fact that the debt is now increasing at a decreasing rate, hence there is light, going into the future". However, he noted, "With concern" that Air Zimbabwe's audited financial statements are behind schedule, with the last audited financial statements produced in 2009. "The Ministry has given Air Zimbabwe an ultimatum to have their financial reports updated by the end of this year. The current Air Zimbabwe Board and management has undertaken to rectify the situation", he concluded. [more - original PR]

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